Contract management AI is not something to be afraid of. Rather than eliminating jobs or replacing valuable employees, AI can add value to contract management software processes by transforming contracts and documents into building blocks for enhanced contract oversight, improved risk mitigation and realising more opportunities. It can lend a competitive edge by shifting the responsibility of employees from tedious data entry to valuable contract analytics. Organisations that embrace AI-based contract management can maximise growth opportunities and increase their software ROI.
Redefining roles
Contract AI can automate data entry, streamline data extraction, identify potential oversights etc. It can free up contract managers from many time-consuming tasks.
Contract management AI can make contract creation fast and easy. A drag and drop contract creation process allows you to import contracts in a variety of file types – such as MS Word and PDF – and choose the type of contract you’d like to create. It can also streamline the identification of sensitive data. You can define your own rules for the identification and security of specific data points. This process establishes parameters while conveniently consolidating and categorising data. Cumbersome data import and data import analysis can be replaced by a more unified, secure and convenient process.
Natural language processing supported by robust contract management AI enables data pre-processing, auto-extraction and auto-fills of key information from contract documents into contract records. Document clause detection tools allow your contract management software users to easily compare clauses within an approved dynamic clause library. Configurable contract management AI provides control over how search algorithm preferences are established and where they’re implemented within your contract management software system.
Rather than spending time scrupulously importing contract documents and data manually, analysing clauses, and tracking sensitive data in a disorganised, spreadsheet-led manner, organisations can focus on more data-driven endeavours with the help of AI-powered contract management software.
Increased accountability
Fastidious risk management is essential to contract management duties. With contract management AI, your organisation can gain quantitative and measurable accountability in mitigating risk. Through contract AI’s assessment of document risk factors, your contract management software users can see where risk needs further mitigation and prevention.
Risk mitigation
To help your organisation properly mitigate, manage and assess risk, contract AI can scan contracts for ambiguities and use fuzzy logic matching to highlight words that need further clarification. Specific risk areas of documents prompt your users to alter particular wording. Contract management AI simplifies data review to save your contract managers and their teams time from manually scanning document for keywords.
While contract AI doesn’t replace human care and attention, it can grant you peace of mind knowing that risk can be mitigated when you’re up against the clock. And these risk-mitigating tools can give contract consistency, which better represents your company or organisation by building trust and improving reputation.
Contract management AI can also offer visual data on risk events so that users can assess risk probability and risk exposure and choose to amend specific wording with greater confidence. Contract Insight’s risk assessment matrix gives you the tools to clearly visualise risk and comprehensively analyse possible outcomes.
It’s time to embrace contract management AI
Your contract management professionals can give themselves a head start with the tools detailed above for a faster contract lifecycle, increased contract visibility and decreased risk.
Contract Insight from Four
Contract Insight is a cloud-hosted (SaaS) or deployed (on-premise) contract management solution. The acclaimed platform is trusted by thousands of professionals for their contract management, legal document management, procurement and sourcing needs. Used by many Fortune 500 companies, Contract Insight gives you real time visibility into your contracts. It doesn’t just shore up your security; it will help you meet contract compliance regulations, centralise your contract management and improve your overall contract administration process.
For more information, contact John O’Brien, CEO at Four Business Solutions, global business consultants and software integrators providing business processes improvements in Finance, Supply Chain and Operations, across a broad range of industries.